Daily Economic Roundup – April 7, 2011

What’s on the Economic Horizon
ECB to Hike Rates by 0.25%?
BOE Rate Statement Today
U.S. Weekly Jobless Claims at 385K

United States

Having no U.S. economic data to direct its moves, it’s no wonder the dollar looked lost on the charts! It was able to salvage a victory against the yen, but it pretty much lost to all of the other major currencies. USD/JPY continued to forge new heights, climbing 61 pips to 85.44 while EUR/USD staged a rally of its own from 1.4221 to 1.4331. More…

Euro Zone

Today’s a big day for the euro! The much-awaited ECB rate statement will take place today and we’ll finally see whether the central bank will hike rates or not. Expectations of a 0.25% rate increase have been pushing the euro higher against its major counterparts. EUR/USD reached a high of 1.4350 yesterday, while EUR/JPY closed at 122.45. More…

United Kingdom

The pound bulls and bears were as scattered as the boys of Hangover 2 yesterday as they pushed the currency in different directions. While GBP/USD tacked a 55-pip gain at 1.6334, EUR/GBP also rose by 39 pips to .8775. What’s up with that?! More…

Japan

Yen bears attaaaack! The yen lost heavily against its major counterparts yesterday as traders priced in the BOJ’s monetary policy decision today at 11:50 pm GMT. USD/JPY rose for the second day in a row to 85.44; EUR/JPY rocketed by 181 pips, and GBP/JPY capped the day with a 145-pip win at 139.55. More…

Canada

Loonie bulls, why even bother?! Save for a pullback during the U.S. session, USD/CAD pretty much belonged to the bears yesterday. A strong Ivey PMI reading caused the pair to hit an intraday low of .9569, but it ultimately ended the day 36 pips lower at .9603. More…

Australia

What weak data?! Australia’s worse-than-expected economic report was eclipsed by risk appetite in markets and the Chuck Norris-like commodity prices. AUD/USD only dipped to an intraday low of 1.0315 yesterday before it shot up to a fresh record high 117 pips from its open price. Talk about surfing up! More…

New Zealand

“Wheee!” yelled the Kiwi yesterday as it chalked up another new high against the Greenback. NZD/USD topped at .7808, 132 pips higher than its open price of .7676. Rock on, Kiwi! More…

Switzerland

It’s all good in the hood for the Swissy, baby! Switzerland’s surprisingly high CPI reading had the Swissy strutting its stuff up the charts yesterday. USD/CHF dropped 100 pips in the hour after the report was released, and the pair ended the day 64 pips lower at .9189. More…